Accommodations Money Tips & Tricks Transportation

4 Smart Ways to Budget for Your Next Vacation

September 22, 2017

Not everyone loves to travel, but many want to go on a vacation once in a while. It doesn’t have to somewhere abroad. It could be just checking in at a nearby hotel and enjoying an afternoon dip in a pool. However, a lot of people also think that traveling or going on a vacation is too expensive. But, if you are wise in your spending habits and savings, you will find that you do not need to spend a lot of money for a vacation that is both fun and comfortable.

Woman with hat relaxing in pool

No matter where you are going or what activities you are planning to do, you can always find ways to cut costs and enjoy your vacation. You do not have to sacrifice the quality of your vacation by setting a budget. Here are four smart ways to budget for your next vacation.

Open a savings account dedicated to travel purposes

One of the most effective ways to save up for your vacation is by having a separate savings account. Rather than getting your funds from your payroll account, make a serious effort to separate them so you will not go beyond your limit. This way, you can also keep an eye on your balance on your trip, and track total expenses, without mixing them with your regular account. Avoid using credit cards as well to avoid going way beyond what you intend to spend on your vacation.

Stay in affordable accommodations such as hostels or Airbnb rentals

A huge chunk of your travel expenses will be spent on your accommodations. In order to save money, avoid expensive hotels. There are tons of options out there that you can try such as homestays, hostels, Airbnb rentals, and couchsurfing. These choices will not only allow you to save money, but will also help you immerse yourself in the complete local experience.

Avoid renting a car and try ridesharing instead

A streetcar on the streets of Toronto in winter.

Going from Point A to Point B can get very expensive. Being smart about it will save you tons of cash while traveling. That is why you should avoid renting cars if you can go share a ride instead. Carpooling, public transportation, taxi services, or vanpools count too. One of the most popular transport options out there is Uber. You can use the Uber fare estimator to estimate how much you will spend before traveling.

Take advantage of free tours.

Not every tour is free, but there are tons out there that you can take advantage of. Not only will you be able to save money, you will also be able to connect with locals who can show you around. Making friends and getting the complete local experience are also fun bonuses from these tours.

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